Ola Electric has announced it has raised over $ 200 million in funding for the electric vehicle maker, led by global asset manager Falcon Edge Capital, Japan’s Softbank, and other companies valued at $ 3 billion. Ola says the newly secured funding will help the company accelerate the development of other vehicle platforms, including its upcoming electric motorcycles, electric cars and scooters, following its first offering, the Ola S1. Right now, Ola is starting his journey into vehicle manufacturing with a scooter, but eventually plans to have an extensive portfolio of two- and four-wheelers.
In a tweet posted on Thursday night, Ola Electric CEO Bhavish Aggarwal announced the fundraising and said India is building “technologies of the future” as it evolves into a “global EV hub.” He also said he hopes motorists in the country will completely abandon gasoline-powered two-wheelers after 2025.
India is building future technologies and becoming a global EV hub! With this pay increase, we will accelerate our vehicle development to 2W scooters, motorcycles and 4W.
And Fast Track Mission Electric: No gasoline 2W in India after 2025! #jointherevolution https://t.co/u2IGW7oshB
– Bhavish Aggarwal (@bhash) September 30, 2021
“We are proud to be leading the EV revolution from India to the world. India has the talent and ability to develop future technologies for the industries of the future for the whole world. I thank our existing investors and welcome new ones to Ola. Together we will bring mobility to a billion and sustainability in the future, ”added Aggarwal in a subsequent statement.
After the final sales start on September 15, Ola Electric had to temporarily stop accepting orders on September 16. In two days, the company claims to have sold 1,100 billion rupees worth of scooters and Tech2 assumes that the total order backlog at Ola Electric for the electric scooters S1 and S1 Pro is more than one lakh unit, with bookings being a multiple of lakh. The buy window will reopen in early November, but prices for S1 (99,999 rupees) and S1 Pro (1,29,999 rupees) will likely be revised upwards.
Ola has already announced that it will begin delivering directly to buyers’ doorsteps in late October and is currently in the process of trial production at its sprawling Futurefactory in Tamil Nadu, which the company claims is the world’s largest factory in of all female workers.
The plant is considered the world’s largest production facility for two-wheelers and covers a total of 500 hectares of land. Ola’s plant has an annual production capacity of two million vehicles in Phase 1, and that number will grow to ten million vehicles by next year. Ola Electric estimates that by then it will produce a new two-wheeler every two seconds from ten production lines.
While its first product was based on the AppScooter, which was developed by Dutch start-up Etergo (acquired by Ola Electric in 2020), the company is working on the development of various types of electric vehicles and even has former Jaguar chief designer Wayne Burgess as its own Deputy appointed President of Design.
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